Chapter 21. MARKETS FOR CORPORATE SENIOR INSTRUMENTS: II. Corporate Senior Instruments. Corporate Bonds Classified by type of issuer: ‘industrials’ > banks/finance companies > utilities Investors: life insurance companies, pension funds (mostly institutional) Preferred Stock.
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MARKETS FOR CORPORATE SENIOR INSTRUMENTS: II
often 20-30 years
may exist provisions for early repayment
security for bonds
backed, not just rated
mortgage: creditor gets lien on pledged real assets
collateral trust: as above, but financial assets
debenture: unsecured beyond general right to any unpledged assets
guaranteed: insurance issued by 3rd party
better backed lower spreadBasic Features of Corporate Bonds: II